726
Views
2
CrossRef citations to date
0
Altmetric
Articles

Central bank independence, a not so new idea in the history of economic thought: a doctrine in the 1920s

References

  • Alesina, A., and A. Stella. 2010. “The Politics of Monetary Policy.” NBER Working Paper No. 15856, National Bureau of Economic Research, Cambridge, MA. doi:https://doi.org/10.3386/w15856.
  • Bagehot, W. 1873. Lombard Street: A Description of the Money Market. London: Henry S. King & Co.
  • Barbaroux, N., M. Dal Pont Legrand, and D. Torre. 2016. “Rist, Quesnay and Strong on the Money Market.” Paper presented at the Communication HES Annual conference, Duke University, USA, June 17–20.
  • Barro, R. J., and D. B. Gordon. 1983. “A Positive Theory of Monetary Policy in a Natural Rate Model.” Journal of Political Economy 91 (4): 589–610. doi:https://doi.org/10.1086/261167.
  • Bénassy-Quéré, A., B. Cœuré, P. Jacquet, and J. Pisani-Ferry. 2010. Economic Policy: Theory and Practice. Oxford & New York: Oxford University Press.
  • Bibow, J. 2002. “Keynes on Central Banking and the Structure of Monetary Policy.” History of Political Economy 34 (4): 749–787. doi:https://doi.org/10.1215/00182702-34-4-749.
  • Bibow, J. 2004. “Reflections on the Current Fashion for Central Bank Independence.” Cambridge Journal of Economics 28 (4): 549–576. doi:https://doi.org/10.1093/cje/28.4.549.
  • Bibow, J. 2009. “On the Origin and Rise of Central Bank Independence in West Germany.” The European Journal of the History of Economic Thought 16 (1): 155–190. doi:https://doi.org/10.1080/09672560802707498.
  • Bibow, J. 2010. “A Post-Keynesian Perspective on the Rise of Central Bank Independence: A Dubious Success Story in Monetary Economics.” Working Paper No. 625. Levy Economics Institute. Annandale-on-Hudson, NY.
  • Blancheton, B. 2001. Le Pape et l'Empereur. La Banque de France, la direction du Trésor et la Politique monétaire de la France (1914–1928), Paris, Albin Michel.
  • Blinder, A. 1998. Central Banking in Theory and Practice. Cambridge, MA & London, England: MIT Press.
  • Bopp, K. R. 1946. “Nationalization of the Bank of England and the Bank of France.” The Journal of Politics 8 (3): 308–318. doi:https://doi.org/10.2307/2125332.
  • Bordo, M. D., and P.-C. Hautcœur. 2007. “Why Didn't France Follow the British Stabilisation after World War I?” European Review of Economic History 11 (1): 3–37. doi:https://doi.org/10.1017/S1361491606001869.
  • Bordo, M. D., M. Edelstein, and H. Rockoff. 1999. “Was Adherence to the Gold Standard a” good Housekeeping Seal of Approval “During the Interwar Period?” National Bureau of Economic Research, Cambridge, MA. doi:https://doi.org/10.3386/w7186.
  • Bordo, M. D., Ø. Eitrheim, M. Flandreau, and J. F. Qvigstad, eds. 2016a. Central Banks at a Crossroads: What Can We Learn from History? Cambridge: Cambridge University Press.
  • Bordo, M. D., Ø. Eitrheim, M. Flandreau, and J. F. Qvigstad. 2016b. Introduction to Central Banks at a Crossroads: What Can We Learn from History?, edited by M. D. Bordo, Ø. Eitrheim, M. Flandreau, and J. F. Qvigstad. Cambridge: Cambridge University Press.
  • Boyle, A. 1967. Montagu Norman: A Biography. London: Cassell.
  • Brillant, L., and P. H. Rojas. 2020. “Central Banking under the Gold Standard: Rist versus Hawtrey on the Policy of the Bank of France from 1928 to 1931.” The European Journal of the History of Economic Thought 27 (1): 131–153. doi:https://doi.org/10.1080/09672567.2019.1651363.
  • Brown, W. A. 1940. The International Gold Standard Reinterpreted, 1914–1934. New York: National Bureau of Economic Research.
  • Capie, F., C. Goodhart, and N. Schnadt. 1994. “The Development of Central Banking.” In The Future of Central Banking, edited by F. Capie, C. Goodhart, S. Fischer, & N. Schnadt, 1–112. Cambridge: Cambridge University Press.
  • Chandavarkar, A. 1990. Keynes and India. Basingstoke & London: Macmillan.
  • Chandavarkar, A. 1996. Central Banking in Developing Countries. Basingstoke & London: Macmillan.
  • Chandler, L. V. 1958. Benjamin Strong: Central Banker. Washington, DC: Brookings Institution.
  • Clay, H. 1957. Lord Norman. London: Macmillan.
  • Collins, M. (ed.) 1993. Central Banking in History. 3 Volumes. Aldershot: Edward Elgar Publishing.
  • Conant, C. A. 1896. A History of Modern Banks of Issue. New York; London: G.P. Putnam's Sons.
  • Cottrell, P. L. 1997. “Norman, Strakosch and the Development of Central Banking: From Conception to Practice.” In Rebuilding the Financial System in Central and Eastern Europe, edited by P. L. Cottrell, 29–73. Aldershot: Scolar Press.
  • Cottrell, P. L. 2012. “Central Banks, Central Banking and Central Bank Cooperation. The Emergence of International Central Banking during the Aftermath of the First World War.” In Les banques centrales à l’échelle du monde: l’internationalisation des banques centrales des débuts du XXe siècle à nos jours, edited by O. Feiertag and M. Margairaz, 27–58. Paris, Presses de Sciences Po.
  • Crowe, C., and E. E. Meade. 2007. “The Evolution of Central Bank Governance around the World.” Journal of Economic Perspectives 21 (4): 69–90. doi:https://doi.org/10.1257/jep.21.4.69.
  • Cukierman, A. 2007. “The revolution in monetary policymaking institutions.” VoxEU, Sep. 27. http://www.voxeu.org/article/central-bank-independence-revolution.
  • Cukierman, A. 2008. “Central Bank Independence and Monetary Policymaking Institutions - Past, Present and Future.” European Journal of Political Economy 24 (4): 722–736. doi:https://doi.org/10.1016/j.ejpoleco.2008.07.007.
  • Cunliffe Committee 1918. First Interim Report of the Committee on Currency and Foreign Exchanges after the War. Cmnd 9182. London: His Majesty’s Stationary Office.
  • Davis, J. S. 1920. “World Currency and Banking: The First Brussels Financial Conference.” The Review of Economics and Statistics 2 (12): 349–360. doi:https://doi.org/10.2307/1928845.
  • de Haan, J., and S. Eijffinger. 2016. “The Politics of Central Bank Independence”. DNB Working Papers, no. 539. De Nederlandsche Bank, Research Department Amsterdam.
  • de Haan, J., C. Bodea, R. Hicks, and S. C. Eijffinger. 2018. “Central Bank Independence before and after the Crisis.” Comparative Economic Studies 60 (2): 183–202. doi:https://doi.org/10.1057/s41294-017-0050-4.
  • de Kock, M. H. 1939. Central Banking. London: PS King and Son.
  • Dehay, E., and N. Lévy. 2013. “L'indépendance Des Banques Centrales Pendant L'Entre-Deux-Guerres: Une Analyse Quantitative.” Journal National de la Recherche en IUT 4: 115–132.
  • Dehay, E. 1995. “La Justification Ordo-Libérale de L'indépendance Des Banques Centrales.” Revue Française D'économie 10 (1): 27–53. doi:https://doi.org/10.3406/rfeco.1995.971.
  • Dierschke, K., and F. Müller. 1926. Die Notenbanken der Welt. Berlin: Verlag für Bargeldlosen Zahlungsverkehr Robert Gürgens.
  • Do Vale, A. in press. Repenser l’indépendance des banques centrales à l’aune de l’histoire de la pensée et des pratiques. Bibliothèque de l’Économiste. Paris: Classiques Garnier.
  • Drake, P. W. 1989. The Money Doctor in the Andes: The Kemmerer Missions, 1923–1933. Durham & London: Duke University Press.
  • Dunbar, C. F., and O. M. W. Sprague. 1917. The Theory and History of Banking. New York and London: Putnam's.
  • Dunbar, C. F., O. M. W. Sprague, and H. P. Willis. 1922. The Theory and History of Banking. New York and London: Putnam's.
  • Eichengreen, B. 1995 [1992]. Golden Fetters: The Gold Standard and the Great Depression, 1919–1939. Oxford: Oxford University Press.
  • Einzig, P. 1932. Montagu Norman: A Study in Financial Statemanship. London: Kegan Paul, Trench, Trubner & Co.
  • Feiertag, O. 1999. “Banques centrales et relations internationale au XXe siècle: le problème historique de la coopération monétaire internationale».” Relations Internationales 100: 355–376.
  • Feiertag, O. 2012. “Introduction. Les Banques Centrales à L'échelle du Monde. La Grande Transformation.” In Les banques centrales à l'échelle du monde: l’internationalisation des banques centrales des débuts du XXe siècle à nos jours, edited by O. Feiertag and M. Margairaz, 13–23. Paris: Presses de Sciences Po.
  • Feiertag, O. 2016. “Introduction/Les Banques Centrales et L’État: Une Réévaluation.” In Les Banques Centrales et L’État-Nation, edited by O. Feiertag, and M. Margairaz, 11–26. Paris: Presses de Sciences Po.
  • Feiertag, O., and M. Margairaz. eds. 2016. Les Banques Centrales et L’État-Nation. Paris: Presses de Sciences Po.
  • Feiertag, O., and P. Martín-Aceña. 1999. “The Delayed Modernization of the Central Banks of France and Spain in the Twentieth Century.” In The Emergence of Modern Central Banking from 1918 to the Present, edited by C. L. Holtfrerich, J. Reis, & G. Toniolo, 37–68. Aldershot: Ashgate.
  • Flandreau, M. 2003. “Crises and Punishment: moral Hazard and the Pre-1914 International Financial Architecture.” In Money Doctors: The Experience of International Financial Advising 1850–2000, edited by M. Flandreau, 13–48. London & New York: Routledge.
  • Flandreau, M., J. L. Cacheux, and F. Zumer. 1998. “Stability without a Pact? Lessons from the European Gold Standard, 1880—1914.” Economic Policy 13 (26): 115–162. doi:https://doi.org/10.1111/1468-0327.00030.
  • Forder, J. 2003. “Independence’ and the Founding of the Federal Reserve.” Scottish Journal of Political Economy 50 (3): 297–310. doi:https://doi.org/10.1111/1467-9485.5003003.
  • Forder, J. 2005. “Why is CBI so Widely Approved?” Journal of Economic Issues 39 (4): 843–865. doi:https://doi.org/10.1080/00213624.2005.11506857.
  • Friedman, M. 1962. “Should There Be an Independent Central Bank.” In In Search of a Monetary Constitution, edited by L. B. Yeager. Cambridge: Harvard University Press.
  • Genoa International Economic Conference. 1922. Resolutions of the Financial Commission Recommending Certain Resolutions for Adoption by the Conference. London: His Majesty’s Stationary Office.
  • Gomez Betancourt, R. 2010a. “EW Kemmerer's Contribution to the Quantity Theory of Money.” The European Journal of the History of Economic Thought 17 (1): 115–140. doi:https://doi.org/10.1080/09672560903204460.
  • Gomez Betancourt, R. 2010b. “Edwin Walter Kemmerer and the Origins of the Fed.” Journal of the History of Economic Thought 32 (4): 445–470. doi:https://doi.org/10.1017/S1053837210000441.
  • Goodfriend, M. 2007. “How the World Achieved Consensus on Monetary Policy.” Journal of Economic Perspectives 21 (4): 47–68. doi:https://doi.org/10.1257/jep.21.4.47.
  • Goodhart, C. A. 1988. The Evolution of Central Banks. Cambridge, MA & London, England: MIT Press.
  • Grove, D. L. 1952. Central Bank Independence and the Government-Central Bank Relationship. Memo for the IMF in the Joint Bank-Fund Library. Washington, D.C., April 2, 1952.
  • Haas, P. M. 1992. “Introduction: epistemic Communities and International Policy Coordination.” International Organization 46 (1): 1–35. doi:https://doi.org/10.1017/S0020818300001442.
  • Harrod, R. F. 1928. “Central Banks. By C.H. Kisch & W.A. Elkin. 1928.” Journal of the Royal Institute of International Affairs 7 (4): 294.
  • Harrod, R. F. 1951. The Life of John Maynard Keynes. London: Macmillan
  • Harvey, E. 1927. “Central Banking.” Economic Record 3 (1): 1–14. doi:https://doi.org/10.1111/j.1475-4932.1927.tb02371.x.
  • Hautcœur, P.-C. 2016. “Les Banques Centrales et la Nation. Le XIXe Siècle.” In Les Banques Centrales et L’État-Nation, edited by O. Feiertag and M. Margairaz, 27–48. Paris: Presses de Sciences Po.
  • Hawkins, J. 2010. Two Global Crises, Two Senate Committees. Papers on Parliament No. 53, Lectures in the Senate Occasional Lecture Series, and other papers, Research Section of the Procedure Office of the Department of the Senate, Parliament of Australia June 2010.
  • Hawtrey, R. G. 1928. “Central Banks.” The Economic Journal, 38 (151), 439–442. doi:https://doi.org/10.2307/2224322.
  • Hawtrey, R. G. 1932. The Art of Central Banking. London: Longmans, Green and Co.
  • Holder, R. F. 1970. Bank of New South Wales: A History (Vol. 2). Sydney: Angus & Robertson.
  • Holtfrerich, C. L., and J. Reis. 1999. Introduction to The Emergence of Modern Central Banking from 1918 to the Present, edited by C. L. Holtfrerich, J. Reis, & G. Toniolo, 1–10. Aldershot: Ashgate.
  • Holtfrerich, C. L., J. Reis, and G. Toniolo, eds. 1999. The Emergence of Modern Central Banking from 1918 to the Present. Aldershot: Ashgate.
  • Howson, S. 1974. “The Origins of Dear Money, 1919–1920.” The Economic History Review 27 (1): 88–107. doi:https://doi.org/10.2307/2594206.
  • James, H. 2012. Making the European Monetary Union. Cambridge, MA: Harvard University Press.
  • Johnson, J. 2016. Priests of Prosperity: How Central Bankers Transformed the Postcommunist World. Ithaca, NY: Cornell University Press.
  • Kemmerer, E. W. 1936. The ABC of the Federal Reserve System. Princeton: Princeton University Press.
  • Keynes, J. M. 2010 [1926]. “The End of Laissez-Faire.” In Essays in Persuasion, 272–294. London: Palgrave Macmillan.
  • Keynes, J. M. 2013 [1923]. A Tract on Monetary Reform. The Collected Writings of John Maynard Keynes. Vol. IV. Cambridge: Cambridge University Press.
  • Kindleberger, C. P. 1984. A Financial History of Western Europe. London: George Allen & Unwin.
  • Kisch, C. H. 1932. The Portuguese Bank Note Case: The Story and Solution of a Financial Perplexity. London: Macmillan and Co.
  • Kisch, C. H., and W. A. Elkin. 1928. Central Banks: A Study of the Constitutions of Banks of Issue, with an Analysis of Representative Charters. London: Macmillan. https://dspace.gipe.ac.in/xmlui/bitstream/handle/10973/23707/GIPE-020253-Contents.pdf?sequence=2&isAllowed=y
  • Kisch, C. H., and W. A. Elkin. 1932. Central Banks: A Study of the Constitutions of Banks of Issue, with an Analysis of Representative Charters. 4th ed.; rev. ed. London: Macmillan.
  • Kriz, M. A. 1948. “Central Banks and the State Today.” The American Economic Review 38 (4): 565–580.
  • Kydland, F., and E. Prescott. 1977. “Rules Rather than Discretion: The Inconsistency of Optimal Plans.” Journal of Political Economy 85 (3): 473–491. doi:https://doi.org/10.1086/260580.
  • League of Nations. 1920. “Report of the International Financial Conference.” In League of Nations. (1920). Volume III 1920, 221–254. Boston: World Peace Foundation. https://archive.org/details/reportofinternat00interich/page/n3/mode/2up
  • League of Nations. 1922. Brussels Financial Conference 1920: The Recommendations and their Application, a review after 2 Years, Vol. I. Economic and Finance Section. Official No. C. 10. M. 7. 1923. II, Geneva: League of Nations. https://archive.org/details/brusselsfinancia00leaguoft
  • League of Nations. 1933. Monetary and Economic Conference: Draft Annotated Agenda Submitted by the Preparatory Commission of Experts. Series of League of Nations Publications, Official No. C. 48. M. 18. 1933. II., Geneva: League of Nations. https://biblio-archive.unog.ch/Dateien/CouncilMSD/C-48-M-18-1933-II_EN.pdf
  • Lévy, R.-G. 1911. Banques d’Emission et Trésors Publics. Paris: Hachette. https://gallica.bnf.fr/ark:/12148/bpt6k5449599q.texteImage
  • Mehrling, P. 2002. “Retrospectives: economists and the Fed: beginnings.” Journal of Economic Perspectives 16 (4): 207–218. doi:https://doi.org/10.1257/089533002320951046.
  • Mints, L. W. 1945. A History of Banking Theory in Great Britain and the United States. Chicago: Chicago University Press.
  • Mishkin, F. S. 2009. “Will Monetary Policy Become More of a Science?” In Monetary Policy over Fifty Years: Experiences and Lessons, edited by The Deutsche Bundesbank, 81–107. London & New York: Routledge.
  • Mishkin, F. S. 2013. The economics of money, banking and financial markets (10th ed.). Boston, MA: Pearson Education.
  • Moggridge, D. 1992. Maynard Keynes: An Economist's Biography. London & New York: Routledge.
  • Mouré, K. 1991. Managing the Franc Poincaré: economic Understanding and Political Constraint in French Monetary Policy, 1928–1936. Cambridge: Cambridge University Press.
  • Mouré, K. 2003. “French Money Doctors, Central Banks, and Politics in the 1920s.” In Money Doctors: The Experience of International Financial Advising 1850–2000, edited by M. Flandreau, 138–165. London & New York: Routledge.
  • Noël, O. 1888. Les Banques D'émission en Europe. Paris: Berger-Levrault.
  • Norman, M. 1928. Foreword to Central Banks: A Study of the Constitutions of Banks of Issue, with an Analysis of Representative Charters, by C. H. Kisch and W. A. Elkin. London: Macmillan.
  • Obst, G. 1923. Das Bankgeschäft. II. Band. Die Bankpolitik. Stuttgart: Poeschel.
  • Palgrave, R. H. I. 1894. Dictionary of Political Economy. Vol. I. London: Macmillan.
  • Palgrave, R. H. I. 1903. Bank Rate and the Money Market in England, France, Germany, Holland and Belgium 1844–1900. London: John Murray.
  • Pauly, L. 1996. The League of Nations and the Foreshadowing of the International Monetary Fund, Essays in International Finance, no. 201, International Finance Section, Department of Economics, Princeton University, Princeton N. J.
  • Péteri, G. 1992. “Central Bank Diplomacy: Montagu Norman and Central Europe's Monetary Reconstruction after World War I.” Contemporary European History 1 (3): 233–258. doi:https://doi.org/10.1017/S0960777300000163.
  • Plumptre, A. F. W. 1940a. Central Banking in the British Dominions. Toronto: University of Toronto Press.
  • Plumptre, A. F. W. 1940b. “Central Banking.” Canadian Journal of Economics and Political Science/Revue canadienne d’économie et science politique, 6(4), 631–632. doi:https://doi.org/10.2307/136993.
  • Polanyi, K. 1944. The Great Transformation: The Political and Economic Origins of Our Time. New York: Farrar & Rinehart.
  • Rogoff, K. 1985. “The Optimal Degree of Commitment to a Monetary Target.” The Quarterly Journal of Economics 100 (4): 1169–1189. doi:https://doi.org/10.2307/1885679.
  • Rogoff, K. 2016. The Curse of Cash: How Large-Denomination Bills Aid Crime and Tax Evasion and Constrain Monetary Policy. Princeton & Oxford: Princeton University Press.
  • Sayers, R. S. 1967 [1938]. Modern Banking. 7th ed. Oxford: Clarendon Press.
  • Sayers, R. S. 1976. The Bank of England 1891–1944: Appendixes (Vol. 3). Cambridge: Cambridge University Press.
  • Sayers, R. S. 1986 [1976]. The Bank of England 1891–1944. Cambridge: Cambridge University Press.
  • Schumpeter, J. A. 1986 [1954]. History of Economic Analysis. London & New York: Routledge.
  • Siklos, P. L. 2002. The Changing Face of Central Banking: Evolutionary Trends since World War II. Cambridge: Cambridge University Press.
  • Simmons, B. A. 1993. “Why Innovate? Founding the Bank for International Settlements.” World Politics 45 (3): 361–401. doi:https://doi.org/10.2307/2950723.
  • Simons, H. C. 1936. “Rules versus Authorities in Monetary Policy.” Journal of Political Economy 44 (1): 1–30. doi:https://doi.org/10.1086/254882.
  • Singleton, J. 2011. Central Banking in the Twentieth Century. Cambridge: Cambridge University Press.
  • Smith, V. C. 1936. The Rationale of Central Banking. London: PS King.
  • Stasavage, D. 2002. “Credible Commitment in Early Modern Europe: North and Weingast Revisited.” Journal of Law, Economics, and Organization 18 (1): 155–186. doi:https://doi.org/10.1093/jleo/18.1.155.
  • Strakosch, H. 1921. “The South African Reserve Bank.” The Economic Journal 31 (122): 172–178. doi:https://doi.org/10.2307/2222812.
  • Toniolo, G., ed. 1988a. Central Banks’ Independence in Historical Perspective. New York: Walter de Gruyter.
  • Toniolo, G. 1988b. Foreword to Central Banks’ Independence in Historical Perspective, edited by G. Toniolo, VII–VIX. New York: Walter de Gruyter.
  • Toniolo, G., ed. 2005. Central Bank Cooperation at the Bank for International Settlements 1930–1973. Cambridge: Cambridge University Press. (with the assistance of Piet Clement).
  • Tyler, R. 1945. The League of Nations Reconstruction Schemes in the Inter-War Period. Geneva: League of Nations.
  • Ugolini, S. 2017. The Evolution of Central Banking: Theory and History. London: Palgrave Macmillan UK.
  • Ulrich, E. 1931. Les principes de la réorganisation des banques centrales en Europe après la guerre. Paris: Sirey.
  • Walsh, C. E. 2008. “Central Bank Independence.” In The New Palgrave Dictionary of Economics, edited by S. N. Durlauf and L. E. Blume. 2nd ed. Basingstoke & New York: Palgrave Macmillan.
  • Whale, P. B. 1939. “Central Banks and the State.” The Manchester School 10 (1): 38–49. doi:https://doi.org/10.1111/j.1467-9957.1939.tb00514.x.
  • White, L. H. 1993. Introduction to Free Banking: Volume I - Nineteenth Century Thought, edited by L. H. White. Aldershot: Edward Elgar.
  • Willis, H. P. 1927. “Government Influence on American Banking.” The Banker, 4: 320–329.
  • Willis, H. P. 1936. The Theory and Practice of Central Banking, with Special Reference to American Experience, 1913–1935. New York & London: Harper & Brothers.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.